An infinitely variable transmission (IVT) is able to vary the speed ratio between an input shaft and an output shaft continuously within a desired range of ratios. And preferably, is able to achieve continuous adjustment within a range of ratios including ratios that provide a maximum forward speed, a neutral condition in which the output shaft is stationary and a maximum reverse speed. Continuously Variable Transmissions (CVTs) are currently in widespread use, particularly in smaller automobiles. CVTs typically provide continuously variable ratios by employing a pulley assembly which includes a pair of adjustable pulleys and a special belt which transfers power between the adjustable pulleys. Each pulley has two spaced conical elements in which the spacing is able to be continuously varied thereby varying the effective diameter of each pulley. Typically, the pulleys are adjusted in unison in a corresponding manner so that the length of the belt path remains constant. Thus, in a CVT, if the input pulley is at a minimum diameter and the output pulley is at a maximum diameter, the “gear ratio” will be at a minimum which causes the output shaft to rotate at a minimum speed. On the other hand, if the input pulley is at a maximum diameter and the output pulley is at a minimum diameter, the resulting ratio will be at a maximum for what may be commonly referred to as “overdrive”. However, as the skilled reader will note from the above description of the CVT belt drive mechanism, CVTs do not provide a smooth transition from a zero output speed (neutral) to a low speed. And, further, CVTs do not provide a smooth transition between neutral and reverse. In a CVT, the reverse capability is usually addressed by providing forward and reverse clutches arranged with a planetary gear set that is associated with the input shaft. Depending on which clutch is engaged, either a forward direction or a reverse direction for the input to the variable pulley assembly is selected. However, CVTs suffer from some notable disadvantages. The torque carrying capacity of the pulley belt arrangement described above is limited. The belt and pulley components described above are particularly susceptible to wear and, therefore, the materials and process that must be used to make these components increase costs. What is needed is an IVT that addresses the above noted disadvantages and that is able to smoothly and continuously vary the output of the transmission between a range of forward output ratios and a range of reverse output ratios.